Kuala Lumpur: U Mobile Sdn Bhd has inked a memorandum of understanding (MoU) with CIMB Bank Bhd to extend financing support for its upcoming 5G network rollout.

According to BERNAMA News Agency, this MoU marks the latest financing partnership between U Mobile and CIMB. In 2021, CIMB participated in a RM1.2 billion facility for U Mobile, which was later upsized to RM1.4 billion in 2023. U Mobile’s chief executive officer, Wong Heang Tuck, emphasized CIMB’s role as a long-standing financing partner, sharing a commitment to drive innovation and growth within Malaysia’s economy via 5G. This aligns with the government’s goal of achieving high-income nation status with a focus on digitalisation.

Wong Heang Tuck stated that CIMB’s financial backing is expected to strengthen U Mobile’s ability to ensure a rapid and cost-efficient second 5G network rollout. This development aims to benefit enterprises, consumers, and the public sector. The MoU follows the recent appointment of U Mobile as Malaysia’s second 5G network provider.